• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

US debt jumps a record $328 Billion

jonny5 said:
We almost had a balanced budget in 2007 with a Republican President, and Democrat House/Split Senate.. The deficit had dropped to 160bn and was likely to balance in fy2008, had the recession not hit.
Click to expand...

Are the Republicans from solid red states deliberately sabotaging the chances of winning the presidency?

vasuderatorrent
 
jonny5 said:
We almost had a balanced budget in 2007 with a Republican President, and Democrat House/Split Senate.. The deficit had dropped to 160bn and was likely to balance in fy2008, had the recession not hit.
Click to expand...

You must be joking.
 
Kushinator said:
Printing money without the necessary production to back it leads to hyperinflation. After WWI, Germany's productive capacity was decimated. War reparations were to be paid and the rest is history.
Click to expand...

Are we not bleeding production today? Our society is fast becoming a part time working society...
 
sookster said:
Why does humanity continue to use the fiat currency model? It makes no sense.
Click to expand...

Agreed, it doesn't...What is even crazier is to think that we can just continue to continually overspend based on how much we can borrow.
 
Deuce said:
The treasury was paying its bills by borrowing from funds already allocated for other future projects, and deferring payments where able. They'd been doing so for five months.

Now they have to replenish those borrowed funds because those other projects are still happening.
Click to expand...

The agencies werent authorized to make bills, hence the shutdown.
 
jonny5 said:
The agencies werent authorized to make bills, hence the shutdown.
Click to expand...

There were authorized up and until Sep 30th, and that is what the 328b bill was for: spending exceeded revenue by that amount from May->Sept
 
j-mac said:
Are we not bleeding production today? Our society is fast becoming a part time working society...
Click to expand...

The thing is, monetary velocity continues to trend downward as production (which took an initial dip) has been growing.

fredgraph.png
 
Samhain said:
If you read OMB publications prior up and until July 2008, they projected a budget surplus by FY2012
Click to expand...

Not that i am in disagreement, but i would appreciate it if you can provide one of those as a means of furthering this discussion.
 
Kushinator said:
The thing is, monetary velocity continues to trend downward as production (which took an initial dip) has been growing.

fredgraph.png
Click to expand...

As a layperson, it would help if you could define for me what is meant by "production"?
 
j-mac said:
As a layperson, it would help if you could define for me what is meant by "production"?
Click to expand...

Gross domestic product. In this case, nominal (meaning it has not been factored for inflation).
 
Kushinator said:
Gross domestic product. In this case, nominal (meaning it has not been factored for inflation).
Click to expand...

Have there been any changes in the way we factor GDP in the past, oh I don't know, say 5 years or so?
 
j-mac said:
Have there been any changes in the way we factor GDP in the past, oh I don't know, say 5 years or so?
Click to expand...

How is that of any consequence to my point? Including the input costs to various forms of intellectual property, and then applying it throughout the life of the data set does not change anything.

You seem confused.
 
Kushinator said:
In 2012, not in 2008 as you had claimed! Predictions predicated on a bubble economy. Which was rather naive given the fact that the U.S. was already in a recession.
Click to expand...

Still a factual statement, given the CBO kept making adjustments to revenue predictions. The budget was on path to balance had the govt not been encouraging banks to loan money to deadbeats. With a Republican President and mostly Republican congress. A clear downward trend.

Deficits
2004 -412,727
2005 -318,346
2006 -248,181
2007 -160,701
 
jonny5 said:
Still a factual statement, given the CBO kept making adjustments to revenue predictions. The budget was on path to balance had the govt not been encouraging banks to loan money to deadbeats. With a Republican President and mostly Republican congress. A clear downward trend.

Deficits
2004 -412,727
2005 -318,346
2006 -248,181
2007 -160,701
Click to expand...

You stated 2008, which was why i replied to correct the error. Now man up and admit it!
 
cruz and the baggers caused this.
 
Kushinator said:
You stated 2008, which was why i replied to correct the error. Now man up and admit it!
Click to expand...

I stand by it. Had the recession not hit, and everything else being equal, the budget would have balanced in fy2008.
 
You must log in or register to reply here.
Back
Top Bottom